Brent crude futures declined on Monday after Qatar and Pakistan, acting as mediators, announced that U.S. and Iranian officials had agreed on a roadmap toward a potential final nuclear deal within 60 days.

In a joint statement issued after talks at Switzerland’s Bürgenstock resort, the mediators said both sides would continue technical negotiations throughout the week and set up a high-level committee to supervise the mediation process.

The progress follows renewed tensions after U.S. President Donald Trump warned of possible military action against Iran, raising questions about the stability of a fragile interim understanding reached last week.

Trump made the statement on Sunday as his Vice President JD Vance held talks with Iranian officials in Switzerland. The meeting was overshadowed by Tehran’s announcement that it had once again closed the Strait of Hormuz, a critical corridor for global oil shipments.

International benchmark Brent crude futures for August initially rose in early Asian trading before reversing to fall more than 2 per cent to $78.96 a barrel. U.S. West Texas Intermediate futures for July also trimmed earlier gains of about 3 per cent to slip 0.39 per cent to $76.30 per barrel.

The talks at Switzerland’s Bürgenstock resort marked the first formal discussions since Washington and Tehran signed a memorandum of understanding last week aimed at ending their conflict and extending a fragile ceasefire for at least 60 days.

The agreement included provisions for reopening the Strait of Hormuz and halting hostilities across the region, including in Lebanon. However, Iran has accused Washington of failing to guarantee a ceasefire there, stating that the latest negotiations would be limited to implementing the memorandum rather than addressing broader issues such as its nuclear programme.